BEA and ICBC Asia price subordinated bonds

Bank of East Asia prints a $500 million bond after releasing "final guidance" twice, while ICBC Asia prices a Rmb1.5 billion bond in the first dim sum sub-debt issue.

Two bank borrowers tapped the dollar and offshore renminbi markets with subordinated bonds on Friday amid a strong market rebound.

ICBC Asia became the first Asian bank to raise Basel III subordinated debt in the dim sum market with a Rmb1.5 billion $235 million bond. In contrast, Bank of East Asia BEA raised $500 million of so-called old-style lower tier-2 debt that has no loss-absorbency features and is not compliant with Basel...